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Cybersecurity Risk Mitigation for Digital Procurement

Modern procurement processes integrate several technologies to better process internal business operations. Organizations are rapidly using automated procurement management tools, whether using enterprise resource planning (ERP) or less advanced tools.

As more e-procurement tools are introduced to the IT stack of a business, the role of cybersecurity in the procurement process becomes crucial to protect sensitive corporate data and minimize the risks inherent in an ever-growing supply.

Motives Behind Cyber Attacks

Misuse of employee rights and non-compliance with cybersecurity policies are the most common problems. Company devices are sometimes used for non-work purposes, or for work, but in unsecured areas. Via phishing scams, inefficiently trained or careless workers may then be unwittingly lured into downloading malicious third-party software on the company’s computer, with malware soon spreading across the network of the organization. Either by direct stealing or by encrypting confidential data and keeping it for ransom, the purpose of an attack can be financial gain, or it can be to achieve a non-financial objective, such as harming the reputation of an entity or government.

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Melvin Yeo Tu Chin, DPSM
Melvin Yeo Tu Chin has many years of experience in logistics and inventory management, specifically in freight forwarding. He is currently in the IT sector which is focusing on supply chain management. Melvin is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). He completed the Diploma in Procurement and Supply Management (DPSM) on December 2020 at SIPMM Institute.

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